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Letter to Federal Reserve Re. Request to craft the ongoing check hold study to address all the necessary questions to facilitate a prompt rulemaking to reexamine check hold times.

We ask the Board of Governors of the Federal Reserve to ensure that the study of check processing times required by Congress under the “Check 21” law provides sound basis for a rulemaking process to reexamine check hold times for potential reductions. We also ask to commit now to starting a rulemaking process to reexamine check hold times as soon as the study is completed.